The scale of financial crimes being committed has reached unmanageable levels. Current legislation is driving entities to take greater responsibility for investigating financial crimes and assisting law enforcement. According to the PWC Global Economic Survey 2016, 44% of stakeholders believe local law enforcement is not adequately resourced and responsibility for fighting economic crime is largely left to financial organizations. The global financial crime industry is estimated to be worth around $2.4 trillion a year, according to City AM.
Historically, financial crime intelligence data has only been shared with law enforcement, thereby mitigating concerns relating to sharing of intelligence relating to individuals. Limited intelligence sharing takes place via SAFOs (Specified Anti-Fraud Organizations) but intelligence is seldom shared directly from one FIC (fraud investigator computer) to another FIC.
Conventional intelligence sharing hubs, including those owned by certain SAFOs, invite users to submit a package of intelligence which is then shared with all other users as appropriate via a central database. Various other intelligence sharing platforms exist. For instance, banks are known to share intelligence via the JMLIT (Joint Money Laundering Intelligence Taskforce). However, such intelligence sharing about individuals who have not been convicted of an offense presents risks to the sharing entities.
The disclosure provides a novel system and method that overcome the disadvantages discussed above, and that meet an unfulfilled need for sharing intelligence data amongst different FICs.